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… managers and allocators alike."
Data shows a 170% jump in margin buying on the Taiwan Stock Exchange compared with a year ago. Outstanding purchases last week reached over NTD 611 billion (USD 19 billion), which the exchange confirmed was the highest on record.
Leveraged investors are betting on index heavyweight TSMC, with its margin ratio—defined as short positions relative to margin buying—falling to near zero from just under 2% in early January. In Taiwan, the ratio is calculated differently, and a lower percentage indicates stronger buying. This could amplify declines if market sentiment shifts.
Back in Japan, some analysts see further upside despite growing concerns of rising leverage and the risk of volatility-driven downturns.
Based on an analysis using the MSCI country indexes, Morgan Stanley MUFG Securities found that Japanese equities "exhibit significantly lower concentration risk at the individual stock level" compared with the US, South Korea, and Taiwan.
In a June report led by equity strategist Sho Nakazawa, the broker said Japan offers exposure to AI and technology themes while being less dependent on a small number of stocks or sectors. "Combined with stronger risk-adjusted EPS growth," the report says, "Japanese equities offer a more diversified investment opportunity with steadier earnings growth characteristics."
This article first appeared on <a href="https://asia.nikkei.com/business/markets/trading-asia/asia-s-ai-rally-winners-face-a-rising-leverage-problem">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing partnership with <a href="https://www.0722vps.aieehr01.top/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/">Nikkei</a>.
Note: JPY figures are converted to USD at rates of JPY 162.55 = USD 1 based on estimates as of July 2, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Asia's AI rally winners face a rising leverage problem

Japan

South Korea

China

… Connected devices can help record, understand, and optimize them.
With health monitoring and smart living advancing in parallel, Dr H’s brand direction is becoming clearer. It is using the smart ring as an entry point, then expanding into more parts of daily life.
Returning to the original question, if a smart ring is positioned only as a sensor, it may remain a functional accessory.
Dr H wants the ring to become a physical entry point into a healthier lifestyle, linking with everyday decisions around diet, exercise, emotional regulation, and more.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3858652518208514">article</a> was written by Xiao Xi for 36Kr.

Can a smart ring make health monitoring part of daily life?

Deep Tech

Health Tech

Consumer Economy

British sportscar maker Lotus is considering building its new plug-in hybrid SUV in the US after tariffs dented sales of its Chinese-made <a href="/industry/ev">electric vehicles</a>.
Lotus, backed by Chinese parent company <a href="/company/geely">Geely Holding Group</a>, saw its global deliveries fall 46% to 6,520 vehicles last year, due largely to its collapse in the US market following the imposition of the 100% tariff.
CFO Daxue Wang told Nikkei Asia that the Eletre X, Lotus' first hybrid SUV, will allow the company to reach buyers unwilling to switch to fully electric vehicles while retaining its focus on affluent American customers.
Despite surging demand for hybrid vehicles in the US, sales of the Eletre X will "really depend on the tariffs," Wang said. The company has not set a US launch date for the new model, which is available in China and will be on sale in Europe the last quarter of this year.
Traditionally a maker of high-performance sports cars, Lotus began selling a battery-electric SUV in the US in September 2024 to reach a wider customer base. But higher tariffs mean its price has more than doubled to USD 230,000, a level Wang concedes is untenable. Sales, he said, have been slow, averaging just one or two units a month.
"That's not our intention to price that high in the markets," he said, noting that cars sold in China and Europe are nearly half the price. Wang said that Lotus' gas-powered Emira sportscar remains the main driver of its US sales for now.
The expansion of its product lineup is a shift from its previous ambitions of having EVs account for 90% of sales by 2028. After spending much of the past several years bundling out its electric portfolio, Lotus now joins a growing list of automakers rethinking their EV strategies as demand for hybrids continues in the US and other key markets.
As part of a strategic reset that it calls "Focus 2030," the company's new long-term sales target is 60% hybrids and 40% electric.
Given the tariff situation, Wang said Lotus has spent a considerable amount of time studying the feasibility of building cars in the US and has identified the South Carolina factory of Volvo, another Geely company, as a potential partner manufacturer. Wang stressed, however, that no decision has been made.
"It's one option," he said. "We are doing the evaluation work."
Tu Le, founder of consultancy Sino Auto Insights, said the Volvo factory is underutilized, but even if Lotus produces the hybrid SUV locally, it will have to compete with German automakers that also offer premium cars.
"Lotus doesn't have much of a history in the US," he said. "Lots of nostalgia surrounds the brand, specifically among race enthusiasts, but unless they can move the brand into a more mainstream standing—which no one's been able to do—I really see Lotus continuing to struggle," Le added.
China's Geely, which also owns Polestar and Zeekr, bought 51% of Lotus in 2017 and has poured billions of US dollars into reviving the lossmaking car group.
The company aims for 30,000 vehicles in annual sales by the end of the decade, a sharp downgrade from its previous goal of 150,000 a year by 2028.
Lotus sold 1,048 cars in North America last year. It recently began shipping its electric SUVs to Canada under a deal between Canada and China allowing the import of 49,000 Chinese-built EVs. Wang described it as a "breakthrough," adding that Canada would serve as the company's key North American market unless the US lowers its tariff rates.
"The United States market is kind of uncertain … but it's still a very strategic, important market for us," he said.
This article first appeared on <a href="https://asia.nikkei.com/business/automobiles/chinese-owned-lotus-bets-on-hybrid-suv-for-us-turnaround">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing partnership with <a href="https://www.0722vps.aieehr01.top/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/">Nikkei</a>.

Chinese-owned Lotus bets on hybrid SUV for US turnaround

Transportation

Electric Vehicles

Mobility

Europe

… [by Chinese e-commerce companies] and still gets [products] to the customer quickly."
While the end of the de minimis exemption contributed to a 30% decline in the number of packages shipped in 2025, to 942.5 million, industry insiders say volume has simply shifted into larger bulk flows.
Trade lawyers distinguish illegal practices, such as intentionally misclassifying goods or <a title="" href="https://asia.nikkei.com/spotlight/policy-asia/china-s-formidable-logistics-sector-challenges-trump-tariff-enforcers" target="_blank" rel="noopener">understating their value</a>, from another common method of minimizing duties, known as "first sale value."
For some wholesale freight, companies will declare the value of the products when they enter the US based on what they cost to manufacture—the "first sale"—rather than the higher retail value. Using the first sale value is a legal method of reducing duties. It was mostly employed by apparel and footwear importers before Trump's second presidency, according to William Marshall, head of global trade at Alvarez &amp; Marsal.
When tariffs were lower, companies saw little benefit in insisting on the first sale price, as extensive documentation is required. But the higher tariffs provide an incentive to take this extra step. As a result, there has been an "explosion" of importers using this approach across all industries, Marshall said.
"The end of de minimis has made a lot of global e-commerce retailers reexamine their business models in order to be as cost efficient for their customers as possible," Marshall said. "And so the first sale is one of those legally appropriate methods to do that."
Underreporting of the value of Chinese imports to minimize duties is one reason why official trade data from the two countries show large discrepancies. The official value of <a title="" href="https://asia.nikkei.com/economy/china-s-trade-surplus-tops-record-1tn-as-exports-rebound" target="_blank" rel="noopener">China's exports</a> to the US last year exceeded the import value recorded by the US, to the tune of USD 112 billion, and the gap persists.
Xuepeng Liu, a professor who researches tariff evasion at Kennesaw State University, said misreporting, currency exchange rates, differences in valuations and outright tariff avoidance are all factors. "No matter if the misreporting happens at the Chinese border or the US border, collaboration or collusion is often needed for a successful evasion because much of the information is often provided by trading partners," he said.
To avoid responsibility if they are caught crossing legal lines, freight forwarders often use <a title="" href="https://asia.nikkei.com/economy/trade-war/trump-tariffs/shell-game-how-china-linked-front-companies-dodge-u.s.-tariffs" target="_blank" rel="noopener">shell companies</a> as importers of record. But this practice has caught Washington's attention.
Trump signed an executive order on June 3 to strengthen enforcement, directing Customs and Border Protection (CBP) to tighten eligibility criteria for new importers of record. Such entities will be required to provide more detailed information about their ownership, business operations and supply chains. Foreign importers could face additional restrictions barring them from importing goods valued under USD 2,500, creating roadblocks for Chinese freight forwarders.
But once shipments clear customs, they are increasingly routed through Chinese-backed warehouses and eventually handed off to the carriers for delivery.
Jianlong Hu, CEO of Brands Factory, a Chinese cross-border e-commerce consultancy, said intense competition has driven Chinese involvement across the e-commerce chain.
"As fulfillment speed and efficiency become decisive factors, Chinese sellers are increasingly stocking inventory locally in the US to better serve American consumers, which in turn creates demand for Chinese-operated warehousing and last-mile capabilities that understand their workflow and cost structure," he said.
The Chinese services offer such good deals that even some US players are turning to them. One US third-party logistics operator said that while the company will continue to use traditional carriers, he recently signed a contract with UniUni and is in negotiations with another Chinese-backed company.
"They can do it at rates that are so low that it's hard for other carriers to deal with," the logistics executive said. "Quite frankly, it is one of the only ways I can remain competitive."
This article first appeared on <a href="https://asia.nikkei.com/economy/trade-war/chinese-door-to-door-logistics-networks-grow-in-us-to-counter-trade-war">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing partnership with <a href="https://www.0722vps.aieehr01.top/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/">Nikkei</a>.

Chinese door-to-door logistics networks grow in US to counter trade war

On-demand Services

E-commerce

Logistics

… be more useful as linked nodes than as direct substitutes. Lau said InvestHK works closely with Singapore's consulate general in Hong Kong as part of what she described as a “dual-city strategy,” responding to rising interest from companies moving eastward amid geopolitical and trade pressures.
“Because of trade shifts and tariff challenges, we need to be able to trade more,” she said.
Other figures in Hong Kong's innovation ecosystem made similar arguments. Speaking with the media during a tour held ahead of this year's GBA-ASEAN Summit, Eric Or, chief ecosystem development officer of Hong Kong Science and Technology Parks Corporation (HKSTP), said that collaboration, rather than rivalry, defines Hong Kong's relationship with Singapore.
“People like to compare us to Singapore, and people talk about how we compete with Singapore,” Or said. “In fact we don't, we work very closely with Singapore.”
HKSTP, he added, has close working ties with various Singaporean organizations, particularly universities and research institutions. He cited the Home Team Science and Technology Agency, or HTX, as one example, saying HKSTP and HTX are collaborating on potential technology applications for police and correctional services.
<figure id="attachment_162841" aria-describedby="caption-attachment-162841" style="width: 1920px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-full wp-image-162841" src="https://console.0722vps.aieehr01.top/wp-content/uploads/2026/07/HKSTP-Eric-Or.jpg" alt="Photo of Eric Or, chief ecosystem development officer of HKSTP, speaking to the media and guests during a tour held ahead of the GBA-ASEAN Summit 2026." width="1920" height="1080" srcset="https://console.0722vps.aieehr01.top/wp-content/uploads/2026/07/HKSTP-Eric-Or.jpg 1920w, https://console.0722vps.aieehr01.top/wp-content/uploads/2026/07/HKSTP-Eric-Or-720x405.jpg 720w, https://console.0722vps.aieehr01.top/wp-content/uploads/2026/07/HKSTP-Eric-Or-1024x576.jpg 1024w, https://console.0722vps.aieehr01.top/wp-content/uploads/2026/07/HKSTP-Eric-Or-768x432.jpg 768w, https://console.0722vps.aieehr01.top/wp-content/uploads/2026/07/HKSTP-Eric-Or-1536x864.jpg 1536w, https://console.0722vps.aieehr01.top/wp-content/uploads/2026/07/HKSTP-Eric-Or-480x270.jpg 480w" sizes="(max-width: 1920px) 100vw, 1920px" /><figcaption id="caption-attachment-162841" class="wp-caption-text">Eric Or, chief ecosystem development officer of HKSTP, speaking to the media and guests during a tour held ahead of the GBA-ASEAN Summit 2026. Photo courtesy of SCMP.</figcaption></figure>
The more consequential question is whether Hong Kong can preserve the distinctiveness that makes its bridge role valuable in the first place. Its latest initiatives are designed to deepen its connection with mainland China, especially the GBA, while extending its reach into ASEAN and other overseas markets. Lau also said Hong Kong's first five-year plan, now under consultation, is expected to align closely with China's national development priorities.
That alignment may strengthen Hong Kong's access to mainland opportunities. But the city's usefulness as a hub still depends on the qualities that differentiate it from the mainland: common law, open capital flows, English-language business infrastructure, international talent, and the ability to operate between systems.
The test, then, is not whether Hong Kong can beat Singapore, Dubai, or any other hub on headline numbers alone. It is whether Hong Kong can remain distinct enough to be trusted as a connector, while becoming integrated enough for that connection to remain commercially valuable.
Note: HKD figures are converted to USD at rates of HKD 7.84 = USD 1 based on estimates as of July 3, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Hong Kong's hub ambitions are not a zero-sum game

Hong Kong

… I will not discuss specific data. Judging by this growth trend, we can definitely complete the target we set at the start of the year, and we have indeed raised the target.
<h3>36Kr: Is Volcano Engine’s top priority still revenue scale?</h3>
TD: Since the first day we were founded, what we have always pursued is scale with gross margin. We do not want scale without gross margin. First, there needs to be gross margin. Second, on that basis, there needs to be scale.
<h3>36Kr: In the large model era, will we see profits sooner? Z.ai’s GLM has raised prices three times because demand has outstripped supply.</h3>
TD: If your model is good and creates high value, you can make more money.
In 2024, model prices were cut because models were only worth that much at the time. Now that capabilities are stronger and models can help customers create greater value, they can command higher prices.
<h3>36Kr: How should we understand the pricing structure for models?</h3>
TD: Pricing is not calculated backward from a target gross margin. It depends on how much value tokens can create. Your pricing needs to make customers’ migration benefits at least two to three times higher than their migration costs before they are willing to use it. For example, if shooting one second of an advertisement used to cost RMB 100 (USD 14.7), and now using Seedance costs only a few RMB, then it is definitely worth using.
Customers are very smart. They know that, compared with the past, the value created by the model is worth this price. Fundamentally, the model’s value has increased.
<h3>36Kr: How high a priority are overseas markets for Volcano Engine this year?</h3>
TD: We have always attached great importance to globalization. In the same year Volcano Engine was founded, we also established BytePlus to serve markets outside China.
<h3>36Kr: How much will investment in overseas markets increase this year?</h3>
TD: I do not think that depends on us. It depends on whether your model is competitive. If it is not competitive, no amount of investment will help.
<h3>36Kr: We heard that Seedance’s market share has already surpassed Google’s Veo and become number one globally. That clearly suggests it is competitive.</h3>
TD: It is number one in China and is also developing quickly overseas. Overseas markets already account for almost half of Seedance’s total business. But I am not sure about its global market ranking.
<h3>36Kr: How high will overseas markets rank in your business priorities this year?</h3>
TD: Many Chinese tooling companies in the creative space are going overseas, and we also encourage and accompany them as they expand internationally. Local customers overseas also use our products. For example, WPP’s global agencies cooperate with us in many places.
<h3>36Kr: Has the MaaS market already reached a stage of heated competition?</h3>
TD: It is hard to estimate. The MaaS market is still growing fivefold to tenfold every year. I am talking about incremental markets.
<h3>36Kr: So it is still the stage of growing the pie together.</h3>
TD: Yes. The competition is still localized.
<h3>36Kr: What is your key objective this year? Has it changed?</h3>
TD: It has not changed much. Our strategy is very stable: become the top MaaS player, refine the AI cloud-native product stack, and build the organization well.
One thing has changed. Two years ago, the goal was to expand market share in the cloud business. This year, it has changed to focusing on AI cloud.
<h3>36Kr: What has been the biggest change in you over the past two years?</h3>
TD: My English has improved a little because I have to meet many overseas customers.
<h3>36Kr: Do you have any new thoughts on organization and management?</h3>
TD: First, the most important thing is still to think clearly about strategy. Do not keep changing it. You need to take a longer-term view. Volcano Engine formed its AI strategy relatively early and has been relatively firm about it.
Second is talent. Diversity is very important. For example, Seedance recently needed to recruit directors to join the team. For AI to penetrate every industry, you cannot rely only on people with IT backgrounds.
Third, you need to keep reflecting on yourself. When people see a bit of success, it is easy for them to get carried away.
<h3>36Kr: What was your most recent reflection?</h3>
TD: Do not micromanage too much. I found that, for a period, I was micromanaging too much. Generally, when you feel very confident, it is easy to do that. But now there are too many details, and there are many things you do not understand well enough. It is better to interfere less and trust the team.
<h3>36Kr: When Volcano Engine was founded, it set a target of RMB 100 billion (USD 14.7 billion) in revenue by 2030. Will that timetable be moved forward?</h3>
TD: In 2025, we already moved that timetable forward. This year, we will move it forward a bit more.
<h3>36Kr: As the timetable keeps moving forward, do you think any estimates of the AI market’s size are still valid?</h3>
TD: This is how the past three years have been for us: At the start of the year, we set a very high target, and the team thinks it is too hard. Then, by midyear, we find that we have almost completed it, so we need to raise it. The changes brought by AI are bigger and faster than most people imagine.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3865912900588548">article</a> was written by Deng Yongyi for 36Kr.
Note: RMB figures are converted to USD at rates of RMB 6.80 = USD 1 based on estimates as of July 2, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Volcano Engine bets better models, not lower prices, will decide the MaaS race

East Asia

Artificial Intelligence

Mobility companies in Singapore are moving to bring autonomous taxis onto the roads, with public trials expanding as the city-state pushes for the emerging technology to create a more convenient transport system.
ComfortDelGro, Singapore's largest taxi service, launched free driverless shuttles last week in the northern district of Punggol, which the government is developing as a "smart eco-town."
The shuttle, a bluish purple Toyota car with the words "autonomous shuttle" emblazoned along the sides, runs along a seven-kilometer route in 25 minutes, with three designated pick-up and dropoff points.
Passengers can book a ride through ComfortDelGro's smartphone app. A few hundred people signed up on June 22, according to the company. The free service is reserved for groups, families and those requiring assistance.
"I think I'll try using this method once it's [officially] available," said a 48-year-old civil servant who used the shuttle on June 22. She usually takes the Light Rail Transit, a driverless feeder rail network, to go to the clinic, but says the new option is more convenient.
The autonomous system is powered by technology from <a href="/company/pony-ai">Pony.ai</a>, a Toyota Motor-backed Chinese startup, and offers what the industry calls "Level 3" <a href="/industry/autonomous-vehicles">autonomous driving</a>, which lets drivers take their hands off the wheel and eyes off the road under certain conditions. A ComfortDelGro employee sits in the driver's seat to monitor the van and take the wheel if necessary.
Before offering the free service, ComfortDelGro ran invitation-only trials in April in the same area, serving 1,500 passengers.
Cheng Siak Kian, ComfortDelGro's managing director and group CEO, <a href="https://asia.nikkei.com/editor-s-picks/interview/singapore-s-comfortdelgro-bets-on-robotaxis-as-next-growth-engine" target="_blank" rel="noopener">said in an interview</a> with Nikkei earlier this year that the company was aiming to convert about 10% of its fleet to robotaxis over the next four to five years.
In a news release on June 22, he said autonomous mobility is "no longer a distant ambition," adding, "We are integrating technology, infrastructure and the operational know-how needed to deploy AV (autonomous vehicle) services safely and at scale."
Ride-hailing group <a href="/company/grab">Grab</a> is also working toward offering autonomous shuttle service in Singapore, with the company <a title="" href="https://asia.nikkei.com/business/transportation/grab-explores-more-partnerships-in-autonomous-driving-ceo-says" target="_blank" rel="noopener">actively investing in the technology</a>.
Grab began an invite-only trial in January, and has offered free public rides since April in partnership with Chinese autonomous driving company <a href="/company/weride">WeRide</a>. Grab has served more than 5,000 passengers and is targeting a commercial launch later this year.
Both companies are gathering data and operational experience through trials and free services, using them to improve safety before launching commercially.
"Driverless services are expected to complement [the company's] human driver workforce, help alleviate chronic driver shortages and create opportunities for employees to move into future-ready roles," said ComfortDelGro in the news release.
Progress has not always been smooth. During testing in January, a ComfortDelGro autonomous vehicle collided with a road divider. No passengers were on board, and no injuries were reported, but the company had to pause trials for two weeks for safety checks.
Ada Lim, an analyst at Oversea-Chinese Banking Corporation, said ComfortDelGro is building future capabilities, although its autonomous vehicle fleet and <a href="/industry/ai">artificial intelligence</a>-based fleet management are still in "a relatively nascent stage."
ComfortDelGro has not finalized a timeframe for the start of commercial service or said how much it will charge.
The Singapore government is backing the introduction of autonomous taxi and ride-hailing services to strengthen the public transport network, particularly in residential areas. On June 22, senior minister of state for transport Sun Xueling visited a pickup point in Punggol and spoke with residents trying out the shuttle.
The Ministry of Transport is moving forward with the rollout of autonomous vehicles, with self-driving buses set to offer pilot service on two public routes in Marina Bay in the second half of the year. The Land Transport Authority will initially buy six autonomous buses, which will run alongside its existing service during a three-year trial.
This article first appeared on <a href="https://asia.nikkei.com/business/automobiles/singapore-moves-ahead-with-autonomous-taxis-as-trials-expand">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing partnership with <a href="https://www.0722vps.aieehr01.top/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/">Nikkei</a>.

Singapore moves ahead with autonomous taxis as trials expand

Grab

WeRide

Pony.ai

Southeast Asia

Autonomous Vehicles

Singapore

… policy push is being paired with infrastructure.
The Northern Metropolis, a large development zone in northern Hong Kong adjacent to Shenzhen, was presented as one of the city’s main vehicles for the strategy. Lee described it as a future economic engine and a world-class innovation, technology, and higher education hub, and invited ASEAN companies to invest in the area.
The project builds on Hong Kong’s existing technology ecosystem. Eric Or, chief ecosystem development officer at Hong Kong Science and Technology Parks Corporation (HKSTP), said its hub currently houses about 2,400 companies, including roughly 1,500 early-stage startups, with 26,000 people working on campus. He said 13 unicorns are based there, including companies that began in Hong Kong.
Or added that HKSTP and its related facilities are designed to support cross-border expansion in both directions: mainland Chinese companies using Hong Kong as a springboard overseas, and foreign companies using the city as an entry point into China.
Construction of the Hong Kong-Shenzhen Innovation and Technology Park (HSITP) is also accelerating in the Northern Metropolis. Vincent Ma, CEO of HSITP, said the park is expected to eventually include at least 60–70 buildings and reach a scale about four times larger than HKSTP’s facility.
Ma also said HSITP and its counterpart in Shenzhen are expected to form a cooperation zone supported by policies covering the flow of people, data, biosamples, and capital.
“Hong Kong, long a free port, is uniquely positioned to connect the two economic powerhouses,” Lee said. “We can enable the smooth flow of trade, investment and innovation, creating opportunities to reward both regions.”
Note: HKD, RMB figures are converted to USD at rates of HKD 7.84 = USD 1 and RMB 6.80 = USD 1 based on estimates as of June 30, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Hong Kong courts GBA-ASEAN connector role as trade and investment ties grow

Investment

… href="https://36kr.com/p/3872276297618436">36Kr</a></li>
<li aria-level="1">Archon Robotics, a developer of intelligence models for humanoid robots, has raised a nine-figure RMB sum in a seed round. Investors include ZhenFund, Gaorong Ventures, IDG Capital, 5Y Capital, the joint fund between Gobi China and the University of Hong Kong, MiraclePlus, and Shanghai Innovation Institute. Lighthouse Capital served as financial advisor. The funds will support foundation model R&amp;D, multimodal motion data collection, hiring, and ecosystem development. —<a href="https://36kr.com/p/3868055841641476">36Kr</a></li>
<li aria-level="1">Nianxiang Technology, a developer of noninvasive neural interface technology, has raised nearly RMB 10 million (USD 1.5 million) in an angel round. The round was led by Yongjun Xingmang, with participation from PDVC and V Capital. The proceeds will go toward product development, team expansion, and the creation of a local surface electromyography dataset, which is used to measure electrical activity in muscles through the skin. —<a href="https://36kr.com/p/3867943030395913">36Kr</a></li>
<li aria-level="1">Jitian Xingzhou, a developer and manufacturer of aerospace-grade optical payloads, has raised a nine-figure RMB sum in a Series B round. Investors include SND Financial Holdings, Heji Capital, Zhuopu Investment Fund Management, Join Hands Capital, Oriza Seed, Oriza Rivertown, Zhidao Capital, Zhongshi Capital, and Bondshine Capital. —<a href="https://36kr.com/p/3868029247034371">36Kr</a></li>
<li aria-level="1"><a href="https://www.hidipower.com/">HiDiPower</a>, a power semiconductor module developer, has raised an eight-figure RMB sum in an angel-plus round from Suzhou Capital Group and Jingjia Investment. Megawave Capital served as financial advisor. The company will use the funds for solid-state transformer power module R&amp;D, product iteration, and supply chain development. —<a href="https://36kr.com/p/3867975570035717">36Kr</a></li>
<li aria-level="1"><a href="https://hyper3d.ai/">Deemos</a>, a generative AI company, has raised a nine-figure RMB sum in a new round. The round was led by Cathay Capital and SSCI Leading Fund, with participation from existing shareholders. The funding coincides with the launch of Hyper3D Rodin Gen-2.5, its latest 3D generation model for use cases including <a href="/industry/e-commerce">e-commerce</a>, 3D printing, <a href="/industry/gaming">gaming</a>, industrial design, and embodied intelligence. —<a href="https://36kr.com/p/3865060112438533">36Kr</a></li>
<li aria-level="1">Yimeihua New Materials, a magnesium alloy materials and components company, has raised an eight-figure RMB sum in an angel round from Galaxy Venture Capital and Huazhong Enterprises. The capital will be used for capacity expansion, R&amp;D, and hiring. —<a href="https://36kr.com/p/3864082158785539">36Kr</a></li>
</ul>
whereRelatedArticle
<h3>ChemT, Vibefam, GigaAI, and others made recent headlines:</h3>
<ul>
<li aria-level="1">ChemT Biotechnology, a Singapore-based biotechnology company, raised USD 5 million over 18 months, comprising USD 1 million in angel investment and a USD 4 million seed round. The seed round was led by Wavemaker Ventures, with participation from Seeds Capital, Wavemaker 360 Health, Draper University Ventures, and Temasek Life Sciences Accelerator.</li>
<li aria-level="1">Vibefam, which is developing a platform for gyms, studios, and wellness operators, raised USD 1 million in seed funding. The round was led by an undisclosed Singapore-based family office, with backing from early-stage investors including Hustle Fund and Ignite Asia, as well as investors and operators from the fitness and wellness sector.</li>
<li aria-level="1"><a href="https://gigaai.cc/">GigaAI</a>, a Chinese physical AI company, raised RMB 1 billion (USD 147 million) in a Series B2 round from Lion Partners Capital, the China-Belgium Direct Equity Investment Fund, JIC Investment, Wanxiang Qianchao, Fosun RZ Capital, Huagai Capital, Jin Venture Capital, Dyee Capital, Huacang Capital, Yuanshi Fund, and existing investors.</li>
</ul>
If there are any news or updates you'd like us to feature, get in touch with us at: <a href="mailto:hello@0722vps.aieehr01.top">hello@0722vps.aieehr01.top</a>.
Note: RMB, SGD figures are converted to USD at rates of RMB 6.80 = USD 1 and SGD 1.29 = USD 1 based on estimates as of June 30, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

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